Trade Balance in Nigeria

Nigeria Trade Balance | Economic News & Forecasts

Nigeria - Trade Balance

The economy shifted into a lower gear in the first quarter of 2019, with annual growth moderating from the over-three year high logged in Q4 2018. Weaker momentum in both the non-oil segment of the economy and a further deterioration of the all-important energy sector, which contracted for the fourth consecutive quarter, led the slowdown. That said, the manufacturing PMI climbed to a five-month high in April, suggesting the economy entered Q2 on stronger footing. In other news, last month President Muhammadu Buhari signed a bill which will raise the minimum wage by over 65% to NGN 30,000 per month. Although its full implementation will take some time, this bodes well for household incomes and thus consumer demand going forward. Meanwhile, on 9 May, Buhari nominated Central Bank Governor Godwin Emefiele—whose current term ends in June—for a second five-year term, signaling the continuity of monetary and FX policy ahead.

Nigeria - Trade Balance Data

2013  2014  2015  2016  2017  
Trade Balance (USD billion)43.8  21.0  -6.4  -0.5  13.1  

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Note: Trade balance in USD bn.
Source: Central Bank of Nigeria

Nigeria Facts

Bond Yield15.600.0 %Jun 14
Exchange Rate306.53.08 %Jun 14
Stock Market0.10.0 %Jun 14

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